Swedish Payment Platform Billhop Partners ICS, the Largest Credit Card Provider in the Netherlands

Billhop and ICS have teamed up to improve working capital access for SMEs across the Netherlands.

Through the partnership, ICS commercial cardholders, based in the Netherlands, will have access to Billhop’s service “at a preferential rate,” according to a release shared with CI.

As mentioned in the announcement, Billhop allows small businesses and enterprises to pay invoices of suppliers which do not usually take card payments, “thereby reducing the need for late fees and helping businesses close liquidity gaps.”

Billhop, the Swedish payment platform that lets companies pay invoices by card “regardless of whether the receiver accepts cards,” will be partnering with International Card Services (ICS), the largest credit card provider in the Netherlands, “to help Dutch businesses improve their cash flow and close liquidity gaps.”

The announcement also mentioned:

“As part of the agreement, ICS commercial cardholders will have access to Billhop’s service at a preferential rate and will thereby be able to pay suppliers using any card, regardless of whether the supplier accepts card payments. Through Billhop, businesses can pay their suppliers instantaneously without needing to on-board the end beneficiary, while taking advantage of the interest-free payment period offered by card issuers.”

This allows companies or businesses to “extend” their payment terms, significantly strengthen their liquidity cushion and “ensure a more efficient distribution of their cash flow.”

At present, Billhop serves more than 50,000 SMEs, sole traders and large corporates in Europe, having expanded business operations to major markets such as the United Kingdom, Sweden, Italy and the Netherlands.

As noted in the release:

“In the midst of the pandemic, as government aid is gradually being discontinued, and as SMEs are experiencing shrinking liquidity margins, Billhop has seen a dramatic increase in the demand for its service.”

During the last year, a growing number of companies have been using Billhop to benefit from the increased working capital flexibility their credit cards offer, and “to find an alternative way to finance their growth and dilute the volatility in their cash resources.” The total transactions carried out through Billhop, across all of its customer segments, “exceeded €270M in 2020,” the announcement revealed.

Tashi Gauffin, Chief Commercial Officer at Billhop, stated:

“We are really excited to partner with the largest credit card issuer of the Netherlands. ICS has a first-class organisation and product portfolio and we look forward to servicing ICS’s customers with our working capital management tools.”

Glenn MacDonald, Chief Commercial Officer at ICS, remarked:

“Businesses are increasingly turning to cards as their payment method of choice, namely for the convenience and simplicity cards offer. However, low card acceptance within the B2B space has for long been the biggest obstacle to increasing the adoption of commercial credit cards. We’re very happy to now be able to help our cardholders by opening up our credit cards for all types of supplier invoices, as well as providing them with a very practical cashflow management tool.”

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